Posted: Fri Apr 18, 2008 11:10 pm
I am currently in an IVA but have resigned from my job due to various circumstances.what happens if the next job pays a lower salary?Is there another review and does the 5 yr period extend?
Hi and welcome.
Have you informed your IP of your resignation?
If you secure another job that pays less, your IP could call a variation meeting and ask your creditors to accept a reduced dividend or extend the term of your IVA.
Beware that if your IVA falls 3 months into arrears, your IVA will fail.